E-readness in Latin America

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E-readness in Latin America

  1. 1. a survey on the conditions for e-commerce in the regionE-READINESS in Latin America The context for e-commerce keeps improving in the region. In 2011 the e-readiness index reached 0.80, a 30% increase over 2009.
  2. 2. T he e-readiness index is based on a model that measures context variables impacting the D OL development of e-commerce. RS ) S$ EA S (U NH S ERAméricaEconomía Intelligence, . 5Y 0 I INE ME AB TA US 3 LU PI , 00 E L TO T CA VO Y NE R 1 ONcommissioned by Visa, the payment TR ) 25 M R ER ET PE PH UN (M TE P RK PP PO CO ED IN P.systems company, presents the 2011 MA PO GD FIX % % ARGENTINA 40.9 10,234.6 16.2 67.4 0.84 231.7version of the e-readiness index, which BOLIVIA 10.6 2,152.6 14.6 18.7 0.35 79.8shows the biannual evolution of Latin BRAZIL 194.9 12,043.7 17.3 43.0 1.84 220.6America’s e-readiness measured by CHILE 17.4 13,657.6 14.2 42.0 0.57 194.8five main dimensions: market volume, COLOMBIA 46.1 7,061.6 16.0 47.3 0.77 154.8 DOMINICAN REPUBLIC 10.1 5,641.4 15.5 41.0 0.47 74.7infrastructure, banking system penetration, ECUADOR 15.0 4,358.1 15.5 32.7 0.47 128.9consumers´ technology adoption and the GUATEMALA 14.7 3,179.6 14.3 15.5 0.37 105.5strength of local suppliers. HONDURAS 8.2 2,070.9 15.4 10.9 0.31 74.8 MEXICO 109.7 10,394.8 16.6 29.4 1.17 179.4 NICARAGUA 5.9 1,201.3 16.4 21.2 0.34 48.1Research shows that Latin American PANAMA 3.6 8,656.0 15.3 42.4 0.45 151.1countries have increased their abilities PERU 30.0 5,936.3 16.2 29.5 0.58 98.3to use the internet as an effective PUERTO RICO 3.7 23,927.5 15.4 47.0 0.59 222.9channel to reach final consumers. Trying PARAGUAY 6.5 3,590.0 15.9 25.5 0.38 62.0 EL SALVADOR 5.9 3,832.5 14.7 16.7 0.32 167.0to understand the evolution of these URUGUAY 3.4 14,194.5 14.2 55.1 0.53 286.4context variables and the gaps between VENEZUELA 29.8 10,537.6 16.1 34.7 0.63 237.9Latin America and other countries, the SPAIN 46.1 32,366.4 9.9 67.3 0.96 420.4e-readiness index considers the United UNITED STATES 312.9 48,240.5 7.9 78.4 2.96 467.6 LATIN AMERICA 556.4 9,689.6 16.4 39.0 1.15 184.1States and Spain as benchmarks. Forthe first time a Latin American country L atin America’s e-commerce ecosystem in 2009surpasses one of the benchmark countries. was very different from today’s. In only two yearsBrazil’s e-readiness (1.24) exceeds Spain’s almost all e-readiness indicators grew signifi-(1.20). In other words, Brazil’s e-readiness cantly in variables that improve objective conditions foris 3% higher than Spain’s, while it was 5%lower in 2009. Per chance Evolution of e-commerce (US$ Million) andBut with 31% biannual growth, Brazil is e-readiness index in Latin Americanot the only fast growing country in Latin source: AméricaEconomía IntelligenceAmerica. E-readiness in Ecuador (58%), e-commerce e-readinessArgentina and Uruguay (49%) are also 70 0.90significant. 0.80 60 0.80 0.70These factors drove the regional average 50 0.62 0.70 43.2up to 0.80, a 30% increase over 2009, 40 0.52 0.55 0.60 30.2when it reached 0.62. This means, that 0.42 0.47 0.50 30 21.7in practical terms, Latin America is better 0.35 0.38 0.40 15.6placed than it was two years ago, but is 20 7.5 10.5 0.30still far from the 2009 benchmark of Spain 10 1.6 3.0 4.8 0.20(1.00) which indicates a mature market. 0 0.10 2003 2004 2005 2006 2007 2008 2009 2010 20112 latin america e-readiness survey
  3. 3. N TIO E . ) UR AB RA S$ T* . CT S NH AB B. ET (U EN ON RU HA EN 0I NH CE YM AN B. CTI NS ST , 00 ,00 AND 0 IN DP RI 0I PA N A NE IO RA SP , 00 R1 TIO AN , 00 AX CT OA INH ON RS NF N ES R1 PE DB OP TH 11 ET IO SA R1 C ST S . LI ME CC AB R AT OA 20 PE AD ES NG AN NU PE CA ILE DA SU ,00 DS NH TR ON BR SS DS RE GY LA REVE TR GI RS SU ETA ON R 1 AR R1 B NE 0I PH NE AR LO LO PE OAD 0 LE ET TE E-C PE IT C PE ER DB DI NO BI NO TC LY LE RN E PU BR LIN EA MO NK MS PP RG ED BI OF CH CH BI TE M E-R MO BA ON BR CR CO DE AT TE TE % % IN1,295.8 310.0 139.4 30.2 0.85 561.7 530.9 14,588 0.45 8.0 21.6 2,695 0.83 no 5 0.14 0.69 883.8 32.1 9.0 54.2 0.34 26.3 188.2 1,629 0.06 1.0 3.1 146 0.37 no 0 0.04 0.261,242.6 308.0 84.6 16.0 1.04 889.0 1,367.6 174,920 1.14 21.1 14.7 25,553 1.35 no 21 0.50 1.241,234.7 429.0 114.4 19.2 0.98 301.8 732.6 8,200 0.58 17.0 14.0 1,490 1.15 yes 8 0.60 0.801,003.2 127.0 106.5 25.6 0.68 208.2 358.5 9,500 0.23 3.7 4.0 998 0.27 no 3 0.11 0.48 857.3 26.8 37.6 17.9 0.67 186.9 320.5 2,073 0.18 7.7 8.6 698 0.68 no 1 0.00 0.461,056.6 153.8 42.3 24.9 0.61 147.5 200.3 3,349 0.14 9.5 5.2 238 0.54 no 0 0.04 0.421,259.9 28.3 17.6 39.6 0.47 149.7 130.2 2,427 0.14 1.3 4.2 258 0.58 yes 1 0.12 0.361,202.7 24.8 108.6 31.0 0.57 82.4 183.1 814 0.12 N,D, 2.1 94 0.41 no 1 0.12 0.35 861.9 215.0 107.9 24.9 0.71 152.5 764.2 36,448 0.27 7.3 6.5 6,137 0.70 no 23 0.34 0.69 713.2 73.0 8.1 22.0 0.51 127.8 130.6 629 0.11 0.7 2.1 39 0.22 no 1 0.12 0.301,614.2 32.7 40.5 11.7 0.94 166.9 587.4 1,185 0.67 2.1 5.6 340 0.45 no 1 0.12 0.61 989.4 154.0 30.4 36.9 0.51 230.2 329.5 5,042 0.23 2.3 5.3 611 0.42 yes 2 0.15 0.42 838.5 286.9 147.9 30.0 0.65 368.4 492.5 1,637 0.48 7.6 4.3 1,961 1.20 no 0 0.04 0.63 882.5 143.1 6.0 17.6 0.58 155.4 152.4 870 0.18 5.9 2.6 128 0.38 no 0 0.04 0.371,516.8 112.6 29.7 37.0 0.56 128.6 250.5 1,297 0.17 3.4 2.5 154 0.47 no 1 0.12 0.37 Note: This table shows the1,362.5 189.4 174.3 19.2 0.98 653.4 444.1 1,040 0.66 17.4 11.8 273 0.91 no 0 0.04 0.71 dimensions and the main 966.9 195.1 102.0 15.3 0.89 278.8 516.6 8,850 0.34 4.1 6.5 1,418 0.53 no 0 0.04 0.51 data used to construct1,265.9 528.9 240.6 15.5 1.33 907.8 602.5 57,243 0.94 30.3 23.7 11,895 1.65 yes - 1.16 1.20 them, but does not include1,046.9 1,058.0 274.0 55.0 1.54 1,558.4 1,665.1 521,000 1.90 64.9 88.0 194,300 4.15 yes - 2.53 2.48 all the information used in this survey.1,097.5 229.1 87.5 26.9 0.82 461.9 803.4 274,499 0.58 11.3 10.1 43,231 0.86 - 68 0.30 0.80 *: Only includes public platforms. e-commerce. Big bang Growth rates were positively affected by Technology Evolution of e-readiness in Latin America between 2009 and 2011 Adoption, a dimension that grew by 0.45 points (113%) SOURCE: AméricaEconomía Intelligence between 2009 and 2011. Increases in internet buyers, sa- 2011 les volumes and mobile broadband penetration drove this Market Volume 2009 sub-index from 0.41 in 2009 to 0.86 in 2011. Neverthe- less the gap with benchmark countries increased conside- rably. In the case of the U.S., broadband penetration grew from 14% to 60%, driving the overall index from 2.25 to Technology Technological infrastructure 4.15, while Spain’s index increased moderately from 1.0 adoption to 1.65. The only Latin American countries that surpass Spain’s benchmark are Brazil (1.35), Chile (1.15) and Puer- to Rico (1.20). They share the ability to capitalize e-com- merce infrastructure with significant sales increases. Nicaragua (0.22), Colombia (0.27), Bolivia (0.37) and Paraguay (0.38) are at the bottom. Nicaragua and Colom- Supply Banking bia also show the lowest growth in basis points (0.07). strength penetration Increases in Technology Adoption can be explained by the rhythm with which technology has entered in Latin to buy online and quickly adopt new technologies such as American lifestyles. Latin Americans are now more willing mobile broadband. A five-fold increase in broadband con- latin america e-readiness survey 3
  4. 4. nections, from 13 million in 2009 to 63 million in 2009, is crease, reflect new products such as coupon aggregatorsa clear example. 24 million new online buyers, a 75% in- reaching new audiences, which in turn drove average salesOnline census Internet users 2006Percentage of population with internet access, 2006 y 2011 Internet users 2011Source: AméricaEconomía Intelligence90%80%70%60%50%40%30%20%10% 0 ru a a zil ile bia c or la s o a ma ico y r ay la ain es do ua ura bli tin livi xic gu Pe ma zue ad gu Bra tat Ch oR lom Sp na lva rag ara pu en Me Bo nd Ecu Uru ate dS ne Pa Sa Re ert Arg Pa Co Nic Ho Ve Gu ite Pu El an Un nic mi Dodown from 55 dollars to 49 dollars. is IT infrastructure. Fixed and mobile phone lines, PCs,Another high-growth dimension between 2009 and 2011 broadband subscribers, lower internet rates and better logistic systems drove up this sub-index by 0.23 points, a 40% increase from 0.59 in 2009 to 0.82 in 2011. But,Paving the internet once again, the gap between Latin America and benchmarkPercentage of population with broadband access,2011 countries increased by 21%, in the case of the U.S., andSOURCE: AméricaEconomía Intelligence 33% in the case of Spain. The only countries that kept up 30% high growth rates were Uruguay and Panama, with 41% and 52% respectively reaching sub-indexes of 0.98 and 25% 0.94. Along with Brazil (1.04) and Chile (0.98) they are the top-performers in terms of infrastructure. Puerto Rico 20% (0.01), Venezuela (0.01), and El Salvador (0.02) practica- lly stalled in this dimension. 15% In general terms the Infrastructure sub-index growth 10% was driven by higher computer and mobile phone pene- tration, and lower internet access pricing. Internet users 5% grew 19% reaching 39% of Latin America’s total popula- tion. There are, nevertheless, strong differences between 0 countries, 67% of Argentinians and 55% of Uruguayans Bo na Bra a zil nic olo le Re bia E blic ate or Ho mala Me as ara o Pa ua Pu Pe a ert ru Pa Rico Sa y Uru ador Ve guay Un Sp la dS n es are connected, while less than 20% of Guatemalans, Sal- El agua livi Nic xic m ite ai mi C Chi zue Gu cuad tat ur ti g an m na pu en nd lv o ne r Arg vadorians and Bolivians are. Mobile phone penetration in Latin America did not Do4 latin america e-readiness survey
  5. 5. grow significantly because it is already one of the highest raising Latin America’s average. The rest of the region sco-in the world, with 1.1 mobile phones per inhabitant. PC pe- res are significantly lower, with the exception of Argentinanetration grew by 30%; there are now 229 PCs per 1,000 (0.84) with a 29% increase between 2009 and 2011. Withinhabitants. 27 million internet users in a population of 41 million, Ar- All these trends were somehow softened with the addi- gentina is Latin America’s number one country in connec-tion of logistics to the sub-index, an indicator that was not tedness.considered in the previous version of the e-readiness in- Regarding banking penetration, a dimension that in-Cybercafé Hardware and currency forInternet monthly access prices adjusted by e-commercepurchasing power (US$) Number of computers, mobile phones, and creditSource: AméricaEconomía Intelligence and debit cards in Latin America (in millions). Source: AméricaEconomía Intelligence 50 Computers Credit cards 45 Mobile phones Debit cards 40 700 35 600 30 500 25 400 20 300 15 200 10 100 5 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Bo na Bra a mi C Ch l nic ol ile Re bia E blic ate or Ho mala M as ara o Pa gua ma ert ru Pa Rico Sa y Uru dor Ve uay Un Sp la dS n es zi El agua livi Nic exic ite ai zue Gu cuad Pu Pe tat ur ti an om na lva g pu en nd o ne r Arg Dodex. This indicator includes the number of logistic opera- cludes the number of credit and debit cards as well astors, their delivery times, parcel conditions, prices, and re- ATMs, Latin America shows significant gaps with bench-turns channels. mark countries. With a sub-index of 0.58, it lags behind Spain (0.94) and the U.S. (1.90). However, the gap hasFERTILE LAND decreased since 2009, as both Spain (1.00) and the U.S.Market volume as an e-readiness dimension includes de- (2.14) lowered their score by 6% and 11% respectively.mographic, macroeconomic and online indicators. The- This dimension shows moderate growth rates (15%),se are total population and population 25 to 35 years old, from 0.51 in 2009 to 0.58 in 2011, basically due to higherGDP per capita and internet users. Even though it shows a credit card penetration. While credit cards increased frommuch lower growth rate than other dimensions (only 3%), 369 to 462 per 1,000 inhabitants, debit cards grew fromit is the highest scoring sub-index for Latin America (1.15). 695 to 803. Chile has the largest population of debit cardIt is also closer to Spain’s benchmark and more stable, gi- holders, but its sub-index decreased because methodolo-ven population and economic growth factors. gical changes that excluded credit cards issued by local re- Brazil (1.84) and Mexico (1.17) both show outstanding tailers, which represent 40% of the nation’s total.sub-indexes, between the U.S. (2.96) and Spain (0.96), Every Latin American country saw a non-significant latin america e-readiness survey 5
  6. 6. Takeoff load Country gapsEvolution of e-readiness in Latin America, theUnited States and Spain. Brazil: 1.24source: AméricaEconomía Intelligence 3.00 Spain United States Latin America L atin America’s giant responds to its condition, showing the 1.8 highest regional e-readiness in- 1.6 2 Spain Latam Brazil dex and surpassing Spain for the 1.4 1.2 2.50 first time in many indicators. 1 2.00 Nevertheless Brazil’s high in- 0.8 0.6 dex is based on its vast popula- 0.4 1.50 0.3 tion size and economic growth. 0.2 1.00 Its proportion of internet users 0 Market volume Infrastructure Banking penetration Technology adoption Supply strength E-READINESS (48%) is lackluster within the 0.50 market volume dimension and 0 lower than Spain (67.3%) and many other Latin American coun- 01 02 03 04 05 06 07 08 09 10 11 20 20 20 20 20 20 20 20 20 20 20 tries such as Argentina (67.4%),growth in bank penetration. Brazil leads regional growth Uruguay (55.1%), Colombia (47.3%) and Puerto Rico (47%).rates with an 18% increase (0.17 points), followed by Chi- In terms of infrastructure, Brazil’s monthly broadbandle (0.58) and surpassing Spain’s sub-index (1.14), which access prices adjusted by purchasing power (US$ 16) aremeasures only credit cards and ATMs. lower than the region’s average of US$ 26. But broadband pe- netration is very low: 84.6 connections per 1,000 inhabitants Brazil has 889 credit cards per 1,000 inhabitants, fo- and below the region’s average of 87.6llowed by Uruguay with 653, while the regional average is The addition of the logistic variables in this dimension469, including countries such as Bolivia or Honduras that helped as Brazil enjoys a good network of logistics providers.have less than 100. Even though Latin America’s credit card They offer good parcel conditions, but still have room for im-indicators show the largest growth rates among other sub- provement in reverse logistics: exchanges and returns.indexes, the gap with the U.S. is still very large. In terms of local supply strength, an indicator that mea- Chile: 0.80sures state efforts to allow online tax payments and thestrength of local retailers, Latin America is still low (0.30).This indicator shows a 38% increase compared with 2009’s C hile shows increases in con- nectivity and internet users 1,8 from 33% en 2009 to 42%. It 1,4 1,6 Spain Latam Chile0.22, basically because 7 new countries had figures to be also shows the highest penetra- 1,2evaluated. But Latin America is still way behind the United tion rates for PCs, with 429 per 0,8 1States (0.53) and Spain (1.16). The only countries that show 1,000 inhabitants and closer to 0,6 0,4smaller gaps are Chile (0.60, with 69% of taxpayers using Spain’s benchmark (529). Chile 0,3the state’s online platform), Brazil (0.50) and, to a lesser is also a showcase in government 0,2 0extent, Mexico (0.34). Other countries have an average of efforts to promote online tran- Market volume Infrastructure Banking penetration Technology adoption Supply strength E-READINESS0.08. saction, as its tax-payment pla- This is the region’s weakest point. High investments to tform has promoted technologydevelop online taxes, and retailers with strong online pay- adoption among the population.ment capacities, are still pending, especially in smaller eco- 17% of all Chileans have mobilenomies. However this dimension can improve significantly broadband, one of the highest percentages in the region afterin incoming years, when the impact of new coupon aggre- Brazil (21.1%) and Uruguay (17.4%).gators will be assessed. These have served as support for Chile shows some rigidity in its banking sector. Creditsmall and medium-sized companies and entrepreneurs. cards increased but are still low compared to debit cards. The6 latin america e-readiness survey
  7. 7. ratio between debit cards to credit cards in Chile is 2.4, while lower growth. Credit card num- Spain Latam Mexico 1,8it is 1.7 for Latin America. This hinders cross-border transac- bers also show strong growth ra- 1,6tions that Chileans could potentially make. tes while remaining below regio- 1,4 1,2 nal averages. 1Uruguay: 0.71 But the most striking improve- 0,8U 0,6 ruguay shares many featu- Spain Latam Uruguay ment in Mexico was retail itself. 0,4 1,8 res with developed coun- 1,6 Seven million Mexicans bought 0,3 0,2tries regarding e-commerce, 1,4 online in 2011 while in 2009 only 0 1,2 Market volume Infrastructure Banking penetration Technology adoption Supply strength E-READINESSspecifically in infrastructure and 1 4.7 million did. At the same timetechnology adoption. However 0,8 online sales per capita increased 0,6it lacks a solid supply. It is a ty- 0,4 from US$ 557 a year in 2009 topical problem in smaller econo- 0,3 US$ 867 in 2011. 0,2mies where scale is an obstacle 0 These improvements were Market volume Infrastructure Banking penetration Technology adoption Supply strength E-READINESSto large investments in online driven by local retailers such as Liverpool and Casa de Hie-channels. But the public sector rro, that invested in new online channels. They’ve succeededhas not yet developed an onli- in reaching the same online sales proportion as Chilean retai-ne tax-payment system. Howe- lers, which is 200 visitors per US$ 1,000 in sales.ver, new alternatives are beingset up considering the size of the Uruguayan economy and Venezuela: 0.51its companies.Argentina: 0.69 V enezuela wants to wake up. Government is promoting 1,8 broadband penetration based 1,4 1,6 Spain Latam VenezuelaA rgentina shares several fea- on very low access monthly pri- 1,2 Spain Latam Argentina 1 tures with Uruguay, but with 1,8 1,6 ces (US$ 15, Latin America’s se- 0,8 0,6the advantage of a larger size. 1,4 cond lowest after Panama’s US$ 0,4 1,2However, it fails in the very same 1 11) and a receptive population. 0,3 0,2variables than its smaller neigh- 0,8 More than 20% of Venezuelan 0 0,6bor. It lacks a truly developed 0,4 internet users are online buyers. Market volume Infrastructure Banking penetration Technology adoption Supply strength E-READINESSonline supply, which makes litt- 0,3 And retailers are improving their 0,2le sense considering the percen- 0 supply. Market volume Infrastructure Banking penetration Technology adoption Supply strength E-READINESStage of connected Argentinians: Venezuela’s main liability is67%, the same percentage than banking penetration. Its creditSpaniards. Even more, Argentina and debit card numbers per 1,000 inhabitants (278.8 andshows the highest Latin Ameri- 516.6 respectively) are below the regional averages of 461.9can index of e-consumers (21%). and 803.4. Spain Latam Colombia Maybe the answer lies in technology adoption, Argenti- 1,8na shows an index of 0.83, below Brazil (1.35), Chile (1.15), Colombia: 0.48 1,6 I 1,4Puerto Rico (1.20) and Uruguay (0.91), This can be explained n 2009 Colombia was a promi- 1,2in part, by low mobile broadband penetration, only 8% and sing country for e-commerce, 1 0,8below the region’s average of 11.3%. but it underperformed in many 0,6 dimensions. Internet users grew 0,4 0,3Mexico: 0.69 moderately (47.3% in 2011 from 0,2T he sleeping giant has awakened, at least in terms of con- 42% in 2009), retailers have 0 Market volume Infrastructure Banking penetration Technology adoption Supply strength E-READINESS nectivity. Broadband penetration has increased signifi- been timid (retail strength ratedcantly (108 connections per 1,000 inhabitants in 2011 vs. 0.11 in 2011 from just 0.10 in93 in 2009) while the number of base users shows a much 2009) and Colombian banks did latin america e-readiness survey 7
  8. 8. little to broaden their user base. For example, in 2009 the- since Peru has the lowest rates Spain Latam Peru 1,8 re were 329 debit cards per 1,000 inhabitants. In 2011 the- of e-consumers (5%) and mobi- 1,6 re were just 358. And this is Colombia’s highest growth indi- le broadband penetration (2.3%) 1,4 1,2 cator. in Latin America. Online sales al- 1 But Colombia’s potential resides in demand. E-commerce most doubled from US$ 276 mi- 0,8 0,6 sales almost doubled in two years from US$ 435 million to llion in 2009 to US$ 611 million 0,4 US$ 998 million. in 2011, but only because of hig- 0,3 0,2 her per capita sales by the same 0 Peru: 0.42 Market value Infrastructure Banking penetration Technology adoption Supply strength E-READINESS number of consumers. P eru has basically stalled. It shows low growth in connec- tivity, with just 22,000 new broadband connections in two years, while the percentage of internet users grew from The only strong growth varia- ble in Peru is credit card penetra- tion, from 160 to 230 per 1,000 27.4% to 29.5%. Technology adoption is also unimpressive, inhabitants. Methodology This index reflects the conditions of a country for the development of e-commerce. It is based on 23 economic and technological variables selected on their econometric relevance and on the advice of industry and e-commerce experts. This year a logistics sub-index was added to measure the quality of delivery services for goods sold online. Publisher & editor Elías Selman Carranza Data from 2001 to 2011 were used to assess each variable, reaching statistically solid AméricaEconomía Intelligence results. To deal with different measuring units, all data were re-scaled using a value Jaime Contreras S., director of “1.00” for each sub-index result for Spain in 2009. So this country and this year Rodrigo Dorn, chief researcher serve as a benchmark: a country will have a value above or below 1.00 depending on Dalomy Switt, researcher its results compared to Spain’s index for 2009. The sources of information for this Design and art direction survey were: World Bank, Eclac, International Monetary Fund, Cisco, 3G Americas, Álvaro Araya Urquiza Alexa.com, the financial and banking commissions of each country, as well as tax Editor Andrés Almeida Farga authorities. We thank all the institutions that provided information; industry leaders that collaborated in the construction of this methodology, and Visa Company, which promoted this survey. e-readinessMarket volume Technological Banking Technology Supply strength infrastructure penetration adoptionTotal population Fixed phones Credit cards Mobile Retail strength Online tax broadband paymentsPopulation 25 to Mobile phones Debit cards e-consumers Nº of retailers 35 years oldGDP per capita Personal Online sales % of online sales computers ATMs Disclaimer: % of internet Broadband Online presence The use of this information is the users connections sole and exclusive responsibility of Broadband Diversity of users. Visa or AméricaEconomía do access prices supply not take responsibility for its use as a benchmark for commerce, legal Mobile and regulatory measures or other. broadband prices Logistics services 8 latin america e-readiness survey

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